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July 05, 2015 4:20 PM ET

Media

Company Overview of WMG Acquisition Corp.

Company Overview

WMG Acquisition Corp., a music-based content company, operates in the recorded music and music publishing activities in the United States and internationally. Its recorded music activities comprise the discovery and development of artists, as well as the related marketing, distribution, and licensing recorded music produced by such artists. The company markets, distributes, sells, and licenses recorded music in various physical formats, including CDs, LPs, and DVDs, as well as digital formats consisting of downloads and streaming. It is also involved in merchandising, fan clubs, sponsorship, concert promotion, artist management, and others activities. In addition, the company owns or control...

75 Rockefeller Plaza

New York, NY 10019

United States

Founded in 1929

Phone:

212-275-2000

Key Executives for WMG Acquisition Corp.

Chief Executive Officer and Director
Age: 60
President and Director
Age: 57
Chairman of Warner Music International and Chief Executive Officer of Warner Music International
Age: 49
Chairman of Warner/Chappell Music and Chief Executive Officer of Warner/Chappell Music
Age: 49
Chief Executive Officer of Warner Music Group
Age: 69
Compensation as of Fiscal Year 2015.

WMG Acquisition Corp. Key Developments

WMG Acquisition Corp. Starts Debt Offering, Tender Offer for Notes

Warner Music Group Corp. unit WMG Acquisition Corp. has commenced a private offering of senior notes and a cash tender offer to purchase all $765 million of its 11.5% senior notes due 2018. The tender offer is scheduled to expire April 22, unless extended.

WMG Acquisition Corp. Enters into a Lease for its New Worldwide Headquarters

On October 1, 2013, WMG Acquisition Corp. entered into a lease for its new worldwide headquarters. The Lease between the company and Paramount Group Inc., as agent for PGREF I 1633 Broadway Tower, L.P., is for nearly 300,000 square feet of office space at 1633 Broadway in midtown Manhattan. The initial term of the Lease runs for approximately 16 years (i.e., from on or about January 1, 2014 to July 31, 2029). The Lease also includes a single option for the company to extend the term for either five years or 10 years. In addition, under certain conditions, the company has the ability to lease additional space in the building and has a right of first refusal with regard to certain additional space. The company will be initially obligated to pay approximately $16 million in annual rent, in addition to its pro rata share of certain real property taxes, operating expenses and common area maintenance expenses. Terms include initial periods of free rent and a tenant improvement allowance as set further in the Lease. In connection with entering into the Lease, the company posted a $10 million letter of credit which reduces in stages, with a reduction to $0 on July 1, 2018, subject to certain conditions.

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